House passes the “Pay for performance” bill – 10 RINOs vote for it

The U.S. House of Representatives on Wednesday passed a bill to approved legislation to curb “excessive” employee pay at financial firms that receive government bailout funds, a measure that could supplant an earlier effort to heavily tax executive bonuses according to Reuters:

The bill, which passed on a 247-171 vote, would give the U.S. Treasury broad powers to prohibit “unreasonable and excessive” compensation and bonuses that are not based on performance standards.

The new curbs would apply to all employees, not just executives, of firms that have received capital investments from the Treasury’s $700 billion financial rescue fund. The standards also would cover compensation paid to an employee after leaving a firm or before joining it.

Even more surprising according to Malkin’s post is that Eric Cantor pulled an Obama and voted “present”. WTF is up with that?


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April 1, 2009 · Filed Under AIG

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